UAE Central Bank's foreign currency assets up 12.1% in January 2018

ABU DHABI, 28th February, 2018 (WAM) -- Total currency assets held by the UAE Central Bank, CBUAE, abroad reached AED 326 billion in January, an increase of 12.1 per cent over the same month in 2017,when they stood at AED 290.7 bn, according to official figures.

The surge in the Central Bank's foreign assets were driven by the rise in current account balances and deposits with banks abroad from AED 129.8 bn in January 2017 to AED 254.9 bn in January 2018.

The foreign assets exclude CB's Reserve Tranche Position (RTP) and Special Drawing Rights holdings with the International Monetary Fund.

With regards to monetary base, it valued AED 358.1 bn by end of January 2018 including reserve requirements at AED 121.1 bn, certificates of deposit at AED 132.4 bn, currency issued at AED 83.2 bn and banks current accounts at CBUAE at AED 21.1 bn, CBUAE data showed.

For the month under review, government deposits, monetary deposits and quasi monetary deposits stood at AED 203.7 bn, AED 429.7 bn and AED 779 bn respectively.

 

WAM/Tariq alfaham